Big D’s UK revenue was down 2% to £1.93 bil for the latest fiscal year, marking the first time a Big 4 firm has reported declining revenues in six years.
Partners are still doing okay though, as they will receive £601 million. That’s an average of £883,000 per partner. Not too shabby, even though that’s down over 7%.
Leaders within the firm are expecting another rough year ahead for the economy but are still planning for “growth not contraction”. We’re not sure how that fuzzy math will work but whatevs.
Oh, and little D’s, don’t worry, you got a shout-out from John Connolly the UK CEO: “our success will continue to be the product of our exceptionally talented people being relentlessly committed to our clients, to market leading, innovative service and to an obsession with quality”.
Relentlessly committed. Obsession with quality. Sounds like they must have re-instituted the tradition of shipping the criminals lesser performers down under.
Deloitte revenue drops in `extremely tough’ market [Accountancy Age]
Deloitte’s UK revenues shrink 2% [FT.com]
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Rumor Mill: KPMG Restructuring Plans
We’ve finally received some details on a possible restructuring at the House of Klynveld in the U.S.
According to our source, the plans were announced over the past week on a series of calls by Tim Flynn. The firm would be consolidated down to two regions, East and West and each would have a regional managing partner and one service line managing partner per region.
This would result in the elimination of one level of regional leadership and would transfer several partners into client-facing roles.
The restructuring would also include placing some partners on ‘profit improvement plans’ and some layoffs would occur over the next year. Additional staff layoffs would occur across all ranks over the next year as well.
The bad news is obvious. The silver lining, as some of our other sources have indicated, is that the Firm would be eliminating at least one level of bureaucracy that should allow partners to be more active in developing potential client relationships.
Messages left with KPMG were not immediately returned. We’ll update you with any response that the firm gives us.
If you can expand on of the details we mentioned on this restructuring, let us know, otherwise, discuss your thoughts in the comments.
Earlier: KPMG Atlanta Shake-up Makes Us Wonder
UPDATE, 4:45 pm: Regardless of this rumor, we learned a short time ago that KPMG admitted thirty-six new partners last month. Seventeen in Audit, twelve in Tax, and seven in Advisory. Congrats to the new partners! No, seriously. Good job.
Barry Salzberg Makes Bob Vila Look Like a Lego Master
Barry Salzberg took time from talking up his chief rival for the Global CEO spot the new Deloitte Consulting CEO to write a piece for the Washington Post about how corporate philanthropy is alive and well.
You’re probably aware that this isn’t Dr. Phil’s first foray into virtual print. Not only has Salz given imaginary advice to the POTUS but he also did a “freewheeling” piece for Fortune on volunteerism.
The latest WaPo piece rings the same charitable note (although it’s considerably less freewheeling) and reminds everyone that not only will Deloitte continue to cut checks, they will also provide “skilled volunteers.” This is clearly part of the ongoing effort to not be seen as a giant faceless, professional services firm but a giant professional services firm that has mustache that may have buried treasure in it and a clean scalp that you can barely resist rubbing for luck.
Now while these “skilled volunteers” could possibly include the best and brightest giving NPOs the lowdown on double-entry accounting, you’ll note that the piece is entitled “Getting our hands dirty”.
Since it’s probably been many moons since the big guy has looked at a spredsheet — and he doesn’t really strike us as the type of guy to speak in metaphors — we’ll assume that he’s literally getting his hands dirty. That being said, we definitely envision something with a tool belt and possibly coveralls with an expertise in drywall or indoor plumbing.
If you’ve got thoughts on Dr. Phil’s latest scribal effort or what kind other blue-collar skills he has, discuss in the comments.
Getting our hands dirty [Washington Post]
EY Basks in the Glory of Third-Place Revenue (Maybe for the Last Time) in 2022
The Big 4 firm with a split personality officially announced today its fiscal 2022 revenue […]